ASK MIKE MONDAYS- Michael, how do you prepare for a TAKEOVER...

oldcapitalpodcast oldcapitalpodcast | 3 years ago

After you have spent over 90+ days in the acquisition process…its time for you to actually own and operated your building. Michael discusses a PRE- and POST- apartment takeover strategy. If you self-manage or have a third party management team; a transition plan is critical for your immediate success.

ASK MIKE MONDAYS: Michael, how do you DE-RISK an apartment transaction?

oldcapitalpodcast oldcapitalpodcast | 3 years ago

Today, many sellers and listing agents require buyers to put a substantial amount of NON REFUNDABLE earnest money up front…BEFORE they do certain due diligence analysis. As you can imagine, the seller wants to make sure you are financially committed to the transaction without the risk of a future re-trade. Michael explains how he gets comfortable on putting significant hard earnest money upfront on an apartment acquisition.

ASK MIKE MONDAYS: “Mike, what POSITIVE things are you seeing today in APARTMENTLAND?”

Nationwide Commercial Real Est... Nationwide Commercia... | 7 months ago

As you can imagine, with interest rates rising, many apartment investors have been pencils down. Investors are concerned with lower asset value & higher debt service. Is there any good news out there? What are some of the positive ideas that are occurring in apartment investing? Mike is starting to see some positive “green shoots.” Mike discusses some of those encouraging thoughts on what he is seeing in apartment investing. Listen to the guy that has acquired over 14,000 apartment units. Ar...

ASK MIKE MONDAYS - Michael, what should an ASSET MANAGER do?

oldcapitalpodcast oldcapitalpodcast | 4 years ago

An asset manager oversees the property on behalf of the investors. They report any financial or physical changes (good or bad) to the general partner. They help in managing a solution. When you own a small property (10-30 units) you are the ASSET MANAGER…. When you purchase a larger property or own more apartment communities, you may need to hire an asset manager. Remember, your job, as a general partner is to find more apartment purchase opportunities and find more equity. An asset manager wi...

ASK MIKE MONDAYS - Do you see an end to the GOLDEN AGE OF APARTMENTS?

oldcapitalpodcast oldcapitalpodcast | 5 years ago

Michael comments on his personal beliefs on apartment ownership. He points to a few factors that keep his outlook positive. According to a new study commissioned by the National Multifamily Housing Council and the National Apartment Association, delayed marriages, an ageing population and international immigration are increasing a pressing need for new apartments in the U.S., to the tune of 4.6 million by 2030. Currently, nearly 39 million people live in apartments, and the apartment industry is...

ASK MIKE MONDAYS - How do you buy you first apartment transaction?

oldcapitalpodcast oldcapitalpodcast | 5 years ago

Michael understands your first transaction is the toughest. Michael owns over 5200 units, but the toughest one was going from ZERO to ONE. Michael gives you the insight on what you should do to get a “win” on the board.

ASK MIKE MONDAYS - Michael, What do you think about sponsors offering a PREFERRED RATE OF RETURN to ...

oldcapitalpodcast oldcapitalpodcast | 4 years ago

Michael discusses the opportunities and challenges that deal sponsors must consider IF they want to offer equity investors a preferred rate of return on their investment.

ASK MIKE MONDAYS - Michael, I am thinking of investing into a mix-use property; what do you think?

oldcapitalpodcast oldcapitalpodcast | 4 years ago

Many apartments may have retail or office space included within an apartment structure. A small grocery store, a coffee shop, or a nail salon can be the typical retail store you may find attached to the apartment building. Mike explains what to look for when purchasing a mix-use property.

ASK MIKE MONDAYS - Michael, do you see any concerns at the beginning of the 2nd quarter for 2018?

oldcapitalpodcast oldcapitalpodcast | 4 years ago

Michael discusses some basic real estate economics that he is observing in the apartment marketplace.

ASK MIKE MONDAYS - Michael, What is a LURA?

oldcapitalpodcast oldcapitalpodcast | 4 years ago

To promote affordable housing, some older properties may have an income restricted LURA. A LURA is a LAND USE RESTRICTION AGREEMENT. It runs with the deed. This recorded regulatory agreement may restrict the amount of rent you can charge a tenant, based on the tenant’s income. If you rehab a property and are expecting to increase rents to justify the cost…a LURA may prevent you from being able to raise rents in the future. Make sure you ask the seller’s agent if the property has a LURA.